| | | | | | Happy post-July 4th! Coming back after a long weekend is hard. I, Luisa, will be your News Media Sith Lord this morning. (Hat tip to Ploymint for today's job title.)
Today, we have a column from Alastair Goldfisher who has more thoughts on what's going on over the pond.
In the post-Brexit vote days, if you happen to work in tech and you do business in the United Kingdom or Europe, you're going to be in demand with journalists wanting to interview you about the impact of Britain leaving the European Union. If you're a San Francisco-based, British-born VC, who's founded a U.K.-based tech company that has expanded in the United States, your phone is going to ring off the hook.
That was one of the lessons we learned in recent days from following the social media feed of Andy McLoughlin, a partner at San Francisco-based SoftTech VC and who previously was co-founder and CTO of Huddle.
In the days leading up to the Brexit vote, McLoughlin, 37, posted that he wanted the United Kingdom to stay in the EU and anyone who says otherwise is "massively misinformed."
Even before the vote, Bloomberg talked with the VC in a video interview entitled "How Brexit May Shape VC Decisions." At 6 feet 4 inches, McLoughlin looks good on camera.
After the vote, many media came a-calling, including Bloomberg again, as well as The Telegraph and others. Twinkie anyone? Today's biggest, and most surprising, deal is that Hostess Brands is going public by selling a majority to a SPAC backed by Gores Group. The New York Times is valuing the deal at $725 million. Apollo Global and C. Dean Metropolous will have 42 percent of the combined company. Here's the announcement. News from Buyouts/VCJ: I have a story on the $1.5 billion sale of Intelligrated to Honeywell. Permira expects to make more than 5x its money with the deal. Read the story here. Steve Gelsi has a story on Kelso & Co kicking in a $625 million cash contribution to its ninth fund. Check it out here. Chris has a story on Committed Advisors, which has raised about 700 million euros for its third fund. Read the story here. Housekeeping: Looking to boost your deal-sourcing IQ? Join us for a complimentary webinar on July 7!
Any comments, thoughts or complaints please send them to me at lbeltran@buyoutsinsider.com.
-Luisa
| | Today's Take | | | PE HUB Second Opinion 7/1/2016 2:07pm Second Opinion wraps up the day and ushers in the long holiday weekend with news that Puerto Rico makes an historic default, Apple might be buying Jay Z's Tidal music app and a top Chipotle executive is indicted in a New York drug ring. Have a Happy July 4th! | PE HUB First Read First Read begins the abbreviated week with news that a study finds that 14 percent of U.S. smartphone users 35 or older are on Snapchat, the SEC is investigating SoftBank's recently exited president and COO Arora, while Facebook can now translate your posts into other languages. Need a 'Brexpert'? Get in line to talk to SoftTech's McLoughlin Call Andy McLoughlin a "Brexpert." The British-born partner at SoftTech VC has been in high demand since the U.K. voted to exit the European Union. | Permira to make more than 5x its money with Intelligrated sale: source Subscription RequiredAfter a four-year hold, Permira expects to make more than five times its investment with its sale of Intelligrated, a source familiar with the transaction said. Honeywell said July 1 that it agreed to buy Intelligrated, a Mason, Ohio, warehouse-automation company, for $1.5 billion cash. The sale is expected to close in the third quarter, a Honeywell statement... Kelso kicks in $625 mln cash GP commitment to $2.56 bln Fund IX Subscription RequiredAfter a long effort, Kelso & Co closed its first flagship fund since the financial crisis, Kelso Investment Associates IX LP, with $2.56 billion in commitments, including a cash contribution of $625 million from the New York firm, according to a source. While raising funds, Kelso also kept busy by closing a flurry of acquisitions since... Committed Advisors closing in on 750 mln euro target for Fund III Subscription RequiredCommitted Advisors, the steadily growing young secondaries shop, has raised about 700 million euros ($780 million) for its third fund, targeting 750 million euros, according to a person with knowledge of the fundraising. Committed, launched by Daniel Benin and Barthlmy de Beaupuy in 2010, has been raising Fund III for about four months, the person... | | NETWORKING...CAPITAL...DEALS Early pricing thru 7/15 at mandaeast.com Save $45 on general registration, discount code pehub16 1,300 middle market dealmakers 80% generated deal leads $125 billion in capital under one roof 1,000+ 1:1 deal meetings 80% of attendees are VP, Partner, Director |
| | | | VC Deals | | | Everplans picks up $6.4 mln in Mousse-led round New York City-based Everplans, an online estate and legacy planning platform, has raised $6.4 million in Series A funding. Mousse Partners led the round with participation from other backers that included Transamerica Ventures, the corporate venture arm of Transamerica and Aegon, and RGAx, a subsidiary of Reinsurance Group of America Inc. Revinate nabs about $13 mln Series C San Francisco-based Revinate, a hospitality solutions provider, has raised about $13 million in Series C funding. Sozo Ventures led the round. WPP Ventures leads Series B round for Woven Digital Woven Digital, a millennial male-focused digital media and content company, has secured $18.5 million in series B funding. WPP Ventures led the round with participation from return backers Institutional Venture Partners and Advancit Capital. | Complimentary Webinar: Improving Your Deal Sourcing Operations During this webinar you'll learn the following:
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| | | | | Palamon Capital to sell Eneas Group Palamon Capital Partners has agreed to sell Eneas Group to Norvestor Equity. Palamon said the sale will produce total proceeds of NOK 750 million (approximately €80 million or $89.2 million), representing a 3.3x return on invested capital. Eneas Group supplies corporate energy services to small and medium sized enterprises in the Nordic region. Marlin Equity buys Teradata Marketing Applications Marlin Equity Partners said July that it closed its buy of Teradata Marketing Applications business from Teradata Corp. Financial terms weren't announced. Teradata Marketing provides marketing operations and marketing execution software solutions and services. Bridgepoint, Eurazeo Partners to exit Fonica Partners Group said July 5 that it was leading a consortium, including Caisse de dpt et placement du Qubec and CIC Capital Corporation, to buy Foncia. Bridgepoint and Eurazeo Partners Group are the sellers. Paris-based Fonica provides residential property management services. Transport Holdings buys Jones Motor Group Transport Holdings LLC, a portfolio company of Revelstoke Capital Partners LLC, has completed its buy of Jones Motor Group Inc. Financial terms weren't announced. Limerick, Pennsylvania-based Jones is a transportation and logistics company with a diversified freight profile that includes flatbed, heavy-haul, dry van, refrigerated, as well as LTL. Winston & Strawn LLP acted as legal advisor and The Clarendon Group II LLC acted as financial advisor to TII in the transactions. Drinker Biddle & Reath LLP acted as legal advisor to Jones. Olympus acquires AmSpec from Incline Incline Equity Partners has sold AmSpec Holding Corp to Olympus Partners. No financial terms were disclosed. Linden, New Jersey-based AmSpec is a provider of testing, inspection and certification services for petroleum traders and refiners. Also, Incline has promoted Leon Rubinov to partner. Prior to joining Incline, Rubinov was a vice president at Sterling Partners.
Read more... Apple Leisure explores sale amid Chinese interest, say sources: Reuters Apple Leisure Group, a resort operator in the Caribbean and Mexico, is exploring a sale that could value it at more than $1.5 billion, including debt, after attracting interest from Chinese companies, sources told Reuters.
Read more... | One of a Kind Networking in The Robust Emerging Manager Space Join LPs and Intermediaries at the Emerging Manager Connect event: a one day networking opportunity with emerging superstars who will produce blockbuster returns in the next 5-10 years. Register Today! July 19, 2016 | Harvard Club | NYC |
| | IPOs | | | | Australia's Icon Group expects majority owner Quadrant to seek IPO by mid-2017: Reuters Australian cancer treatment provider Icon Group said it expects its biggest investor, private equity firm Quadrant, to sell its 55 percent stake in an initial public offering by mid-2017, and said Icon is now worth A$1 billion ($745 million) in total. | | | | | | | Hostess Brands sells to Gores Group-sponsored SPAC Hostess Brands LLC said July 5 that it has entered into agreement with Gores Holdings Inc, a special purpose acquisition company sponsored by The Gores Group LLC, to go public. Hostess will have an anticipated initial enterprise value of approximately $2.3 billion. Apollo Global Management LLC, along with C. Dean Metropoulos and family, will own 42 percent of Gores Holding once the deal closes. Hostess Brands makes Hostess Twinkies, Ding Dongs and CupCakes. Twinkies maker Hostess to go public: Reuters Hostess Brands LLC, the maker of Twinkies, said it had entered into a deal with Gores Holdings Inc (GRSH.O) to go public, Reuters News reported. Asset International buys Market Metrics, Matrix Solutions Asset International, a portfolio company of Genstar Capital, said July 5 that it closed its buy of Market Metrics and Matrix Solutions. Financial terms weren't announced. Market Metrics and Matrix Solutions are data and research firms for advisor-sold investments and insurance worldwide. WEX closes buy of Electronic Funds Source WEX Inc said July 1 that it closed its buy of Electronic Funds Source LLC from Warburg Pincus. The deal was announced in October. Electronic Funds Source provides corporate payment solutions. WEX said it paid approximately $1.1 billion in cash and issued approximately 4.0 million shares of its common stock to Warburg. David Leinwand and Matt Salerno of Cleary Gottlieb represented Warburg. PE-backed Jones & Frank acquires ANS Distributing Jones & Frank, a portfolio company of MidOcean Partners, has acquired ANS Distributing, a gas station equipment provider. No financial terms were disclosed.
Read more... PE-backed Implus buys Spenco's medical adhesive assets Implus, which is backed by Berkshire Partners, has acquired Spenco Medical Corp's Spenco insole and 2nd Skin medical adhesive assets. No financial terms were disclosed. In addition to this transaction, Implus will take over Spenco's Canadian operation. Spenco's remaining footwear and silicore units were sold to the company's management and will continue to be based in Waco, Texas.
Read more... | | Firms & Funds | | | | | Auda Capital VII closes at $375 mln HQ Capital said July 5 that Auda Capital VII has closed at $375 million. The Auda Capital pool exceeded its original target of $350 million. The pool will seek to make primary and secondary investments in small and mid-sized companies in the U.S. and Europe. HealthEdge collects over $100 mln for third fund Healthcare-focused private equity firm HealthEdge Investment Partners LLC has raised over $100 million in the first close of its third fund. The target is $175 million. HealthEdge seeking to wrap up the fund later in the year.
Read more... | | Human Resources | | | | | Canaan adds Boyle as partner Healthcare and tech investor Canaan Partners announced the appointment of Richard Boyle as partner. He was previously chief executive and chairman of the online commercial real estate marketplace LoopNet, which CoStar Group acquired for about $900 million in 2012. Boyle was formerly an operating partner at Khosla Ventures and was an angel investor before that. Violin Memory adds Grant to board of directors Santa Clara, California-based Violin Memory Inc, a provider of memory storage solutions, has named Bruce H. Grant to its board of directors. Currently, Grant is chairman of management consulting firm Applied Value LLC. He is also chair of Garden Growth Capital LLC and Garden Growth Industries AB as well as Applied Venture Capital LLC. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read begins the abbreviated week with news that a study finds that 14 percent of U.S. smartphone users 35 or older are on Snapchat, the SEC is investigating SoftBank's recently exited president and COO Arora, while Facebook can now translate your posts into other languages. |
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